CySEC Asks Parliament for Bigger Budget, Staff Increased 48% in 2016

Demetra Kalogirou, Chair of the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term), spoke to Cypriot lawmakers in parliament earlier this week. The regulator’s chief highlighted that the budget dedicated by the government to the financial supervisor falls short.

CySEC’s budget for 2017 is close to €8.7 million ($9.3 million). The regulator, which is tasked to supervise 600 entities and has about 130 pending applications of new companies, has asked parliament for more funding.

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According to official information, CySEC has increased its staff in 2016 by 48 percent to about 100 persons, with 30 persons hired on a contractual basis.

Kalogirou added in her statement to parliament that the European Securities and Markets Authority (ESMA) communicated to CySEC that it is understaffed to supervise the market in Cyprus.

Risks for the industry on the island have been apparent in recent years, with several brokerages getting fines for inappropriate market conduct.

The resources of regulators worldwide have been spread thin in recent decades. Cyprus is not an isolated case as the French AMF has recently also asked parliament for more funding.

Finance Magnates reached out to CySEC for a comment, but a spokesperson for a regulator declined to give any further information.

The Cypriot regulator is funded by its regulated entities and grants from the central government. Monies gained though fines and settlements reached with the watchdog are calculated as revenue for the Treasury of the Republic of Cyprus and not to CySEC.